2- The Michigan Daily - Wednesday, March 17, 1999 N ATION/WORLD Dow Jones Industrial cracks 10,000 AROUND THE NATION a -.r__. rf y NEW YORK (AP) -The Dow broke 10,000 ever so briefly yesterday, a milestone credited to a record eight years of U.S. economic growth, a boom in high technology and investor enchantment with the Internet. Wall Street's best-known index burst into five fig- ures 20 minutes into the trading day, stayed there for just under a minute, and never went past 10,001.78. Put that was enough to make traders on the floor of the New York Stock Exchange cheer, wave their hands 4nd toss hand-ripped confetti. As often happens after such achievements, sellers took over, and the index of 30 blue chip stocks ended the day down 28.30 at 9,930.47. Still, analysts were pleased with the breakthrough. "It's just a number, but hitting 10,000 says to me it's continued confirmation that the bull market is alive and well," said Alfred Goldman of A.G. Edwards & Sons Inc. in St. Louis. The Dow Jones industrial average is now up 8 per- cent this year on top of an unprecedented four straight years of double-digit growth. , The index was pushed over the top by everyday events of the business world that often prompt buying -announcements this week of corporate mergers and the promise of healthy earnings from big companies such as Union Carbide. But these were just the imme- diate causes. The Dow 10,000 rocket was launched early in the decade, fueled by a growing economy combined with low inflation and interest rates that kept consumers spending and corporate profits rising. The rise of per- sonal computers and technology improved corporate America's productivity even as manufacturing jobs steadily declined. The market got an additional boost in the past year through an explosion of enthusiasm for the Internet. Hundreds of companies have rushed to put a ".com" after their names, expecting a big payoff by selling everything from Furby dolls to stocks online. America Online, for instance, went from $16 a year ago to $105 now. Yahoo, the online directory service, has gone from $21 to $175. Economic troubles in Russia, Asia and Latin America threatened several times over the past two years to halt the Dow's advance, and the Dow slipped below 7,500 as recently as Oct. 8. But then stocks rebounded on a series of three interest rate cuts by the Federal Reserve. The recent perception that the troubled foreign economies are rebounding also allowed the Dow to resume its climb. To many market watchers, the Dow's ascension to 10,000 is more of a curiosity or media event. "It doesn't affect the long-term view," said investor Mark Harchelroad, interviewed outside a Fidelity Investments office in New York. A Dow at 10,000 inevitably raises questions of what happens next. Gurin said, adding that the University is "looking forward to a productive period during her tenure." As dean of the Faculty of Arts, Roy Critical Neuman currently oversees all ritical essay departments and programs in the humanities, social sciences and the experience" creative and performing arts, along with a contemporary art museum, bachelors, anthropology museum, two theaters, -es from the UBC's film program, the Center for ere she was Research on Economic and Social the women's Policy and the Center for chair of the Intercultural Language Studies. "The committee and I are very con- ave an out- fident" with our decision, Cantor new dean," said. Rescue workers search train wreakage BOURBONNIS, Ill. - Rescue crews used cranes yesterday to move mangled smoldering pieces of metal as they searched for victims of the nation's worst train wreck since 1993 - a fiery collision with a truck loaded with steel bars. At least 14 people were killed and 119 injured. Authorities said the truck driver, John Stokes, was driving on a probationary license after receiving three speeding tickets within a year. He suffered only nmi injuries. As many as 216 people were aboard Amtrak's City of New Orleans when it hit the tractor-trailer at a rural crossing near a steel mill 50 miles south of Chicago oir Monday night. Four to six people were missing and feared dead in the wreckage. "We need to make sure there are no survivors and if that means taking the wreck= age apart part by part, that's what we'll do," Bourbonnais Fire Chief Mike Harshbarger said. The collision left the train's two engines and leading cars scattered like burned and broken toys over a quarter-mile. One engine punched through a car behind it, and the crash sparked a fire that burned for more than five hours. All of the dead were found in a double-deck sleeping car that was three cars behind the engines of the 14-car train. Many passengers were settling in for4 night when the train slammed into the truck shortly after 9:30 p.m. Are***********o*****Leavin ;Ann Arbor Soon? ;0 s DO YOU NEED TO SUBLET YOUR 0 40 A P A R T ME~ N T O R H O US E~?0 A r EN0 * 0 0 0 0. 0 *" 0 ' D VEYRUTNEEDINT H UBE TMYA RH0E fi to M * CLASSWIFID" i SUAMENTSUBLHTSETIN * 0 * 0 * 0 * 0 * 0 * 0 * 0 * *0 * 0 * 0 * 0 : ADVERTISE IN THE MARCH 0 * 0 e CLIAS$I FI EDS SUMMER SUBLET SECTION e Deadline is Wednesday, March 17 at 4:00PM ,0000000000000000000000000 DEAN Continued from Page 1 in 1984 with the Gabrielle] Essay Award for the best c on Canadian literature. "She's had very broad Cantor said. Neuman received her masters and doctoral degre University of Alberta, wh( also the founding chair of t studies program and ther English department. "We are delighted to h standing scholar as the North Korea allows inspectors on site NEW YORK - In a major break- through, North Korea agreed yesterday to let U.S. inspectors make several visits to a suspected nuclear weapons site without charging Washington the $300 million it initially demanded for access. In return, the United States promised to help the famine-stricken communist nation increase potato yields. The dispute had threatened a 1994 accord under which North Korea agreed to freeze what the United States believed was a developing nuclear weapons pro- gram, in exchange for energy supplies and help from the United States, South Korea and Japan. A joint statement issued after the lat- est round of talks between U.S. Ambassador Charles Kartman and North Korean Vice Foreign Minister Kim Gye Gwan reaffirmed Washington and Pyongyang commitment to the 1994 accord "in its entirety" Since last August, the United States has been pressing for access to the Kumchang-ni underground site, 25 miles northwest of Yongbyon, where U.S. officials believe North Korea may be developing nuclear weapons in viola- tion of the 1994 accord. Kim reiterated North Korea's cli that the site "has nothing to do l nuclear activities." He said, with elaborating, that it "is related to sensitive national security purposes." First Lady says she did not monitor loan LITTLE ROCK, Ark. - In a grand jury videotape made public for the first time yesterday, Hillary Rodham Clinton testified she "never spent g significant time at all" monitoring records of the Whitewater land deal she and President Clinton shared with Jim and Susan McDougal. Hillary Clinton also said on the tape, played at Susan McDougal's trial, that she was unaware of a $27,600 loan for Whitewater taken out in Bill Clinn's name a decade before he became pres- ident. In Flight I in~~ 'k I 0 The Bash is Coming April 3rd Check out our large supply of tobacco products New Sunglasses New Johnny Blaze +School of Hard Knocks rs AROUND THE WORLD Serbs defiant, refuse Kosovo peace plan PARIS - Brushing aside Western pressure and NATO threats, Serbs said yesterday they won't accept the Kosovo peace plan that rival ethnic Albanians have agreed to sign. Setting up new obstacles to the pro- posed deal during the second day of peace talks near the Arc de Triomphe, Serbs were demanding amendments to a U.S.-sponsored plan - significant changes that foreign mediators called unacceptable. Serbian President Milan Milutinovic said his side refuses the key part of the plan - having NATO troops implement it -- and would sign only the political provision "under the precondition" that the mediators "accept all of our complaints." Milutinovic's comments at the Paris peace talks brought closer the prospect of NATO airstrikes against Serbia. Western nations sponsoring the talks have said the military and politi- cal components of the peace plan are inseparable. Accusing Serb negotiators of backtracking, U.S. State Department spokesperson James Rubin said "time and patience clearly are t ning out" and that the Serbs must decide "whether they want a peace agreement rather than a catastro- phe." Balloonists heading toward Mexico MEXICO CITY -- A Sw - English balloon team raced tot Mexico yesterday, expecting that a jet stream would save it enough fuel so they could cross the Atlantic and become the first to circle the world nonstop. Earlier yesterday, the Breitlirig Orbiter 3 set a record for longest dis- tance flown in a balloon, passing'the milestone of 14,236 miles over the Pacific, said Brian Smith, a flight controller at the Geneva control ce- ter. - Compiled pfom Daily wire reports. The Michigan Daily (ISSN 0745-967) is published Monday through Friday during the fall and winter terms by , students at the University of Michigan. Subscriptions for fall term, starting in September, via U.S. mall are. $85. Winter term (January through April) is $95, yearlong (September through April) is $165. On-campus sUb- scriptions for fall term are $35. Subscriptions must be prepaid. The Michigan Daily is a member of the Associated Press and the Associated Collegiate Press. ADDRESS: The Michigan Daily, 420 Maynard St., Ann Arbor, Michigan 48109-1327. 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